Morris Community Development Corporation

The Community Works Loan Program operates as a revolving loan pool that makes community-based loans available to small businesses in Morris and the surrounding RM of Morris. The Morris Community Development Corporation (CDC) has $60,000 in a loan pool. Tapping into this pool of funds, approved clients can receive loans of up to $10,000 at competitive interest rates to help them start or expand a business. Clients repay the loan in regular installments, as they would do to any financial institution. Repaid capital is then lent out to other clients. Interest earnings from the loans are retained by each CDC to cover administrative costs and to further capitalize the loan fund.

To find out more about the Community Works Loans Program or the Morris Community Development Corporation, contact Glen Munford, chairperson at (204) 746-2101.

The following criteria must be met:

• The business is a corporation, incorporated in Canada, registered
to do business in Manitoba, or a partnership or a sole proprietorship;
• The business operates or will operate in the CDC area;
• The business is not engaged in residential real estate service;
• The business is not engaged in extractive or primary resource activity;
• The business has not had, in the preceding 12 months, and is not
likely to have, in the next 12 months, more than $250,000 in gross revenue;
• The business is not operating as a non-profit organization;
The operator of the business is an individual who is age 18 or over, a resident of the CDC area, is eligible to work in Canada and is not in bankruptcy.
• There is reasonable assurance that loan funds are not intended for the
following ineligible purposes: Reduction or pay out of existing indebtedness; Payment of any bonuses, dividends or other remuneration to any shareholder, director or partner; Redemption of shares of Borrower or payment of shareholders loans; Payment of ordinary operating expenses; Acquisition of real estate.
• Principal amount of loan is $10,000 or less.
• Interest rate for loan is fixed at between prime and prime plus 2%.
• Repayment terms require loan to be repaid within 5 years.

A full copy of the form is available in Word or Adobe Acrobat Form.